Greece has a 436 million euro principal repayment due Tuesday. So far, the country has not decided what to do.
Under normal Greek-debt contracts, if Greece doesn’t pay, it would have only a seven-day grace period. But experts who have pored over all of this have found that one of the key paragraphs from the normally boiler-point language is missing.
Under normal Greek-debt contracts, if Greece doesn’t pay, it would have only a seven-day grace period. But experts who have pored over all of this have found that one of the key paragraphs from the normally boiler-point language is missing.
As a result, Greece will have a 30-day grace period, leading to the possibility of an extended, “Will they?” or “won’t they?” drama.
What sort of an organization are they running when they leave out a paragraph on how long a grace period will be when there is 436 million Euros due to your indebted asses? So is it the total amount due in 7 days or 30 days? Or will the commie government just say to hell with the payment and Greece goes into technical default? I assume they will be good for the money but 436 million Euros due tomorrow sounds pretty scary.
This whole thing reminds me of the scene from Trading Places where the Commodity Exchange guys go to the Dukes and say "Margin Call Gentlemen." Then Greece says in a high pitched voice. "We can't come up with 436 million Euros by the close of business tomorrow!" This whole thing is such a joke.
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